Financial Aid FAQ
Does Foote offer scholarships?
The Foote School offers financial aid as need-based grants. Traditionally, scholarships refer to a grant awarded on a basis of merit. All financial aid dollars from Foote are awarded as a grant, on the basis of a family’s demonstrated financial need. Need is derived from the family’s comprehensive financial profile and the SSS analysis.
How much aid is awarded each year?
In 2012-13, Foote awarded 1.5 million dollars to 23 percent of its student body.
What factors are considered when determining financial need?
The SSS analysis to determine need is a formula that considers all areas of a family’s financial profile, including both parents’ income (taxable and non-taxable) number of dependents, number of children in charging institutions, age of parents, certain indebtedness and unusual expenses, and assets including home equity and investments. This information is used as a basis to determine a family’s ability to contribute to educational expenses and for the Financial Aid Committee to determine a family’s financial aid grant.
Can applying for financial aid affect the admission decision?
At Foote, our admission process only takes your financial aid application into account until the end of the decision process when the Financial Aid Committee convenes and works to consider our aid budget and the need of all applicants. Each year, there are candidates for whom we are unable to meet their family’s demonstrated need and as a result, these families are placed on a financial aid waitlist.
What information is required for new families to apply for financial aid? What is the deadline?
To apply for financial aid, a family is required to:
- complete and submit the Parent Financial Statement (PFS) online at the School for Student Services (SSS),
- upload to SSS, a signed copy of your 2011 and 2012 Federal 1040 tax returns, including all supporting schedules, and
- upload to SSS, 2011 and 2012 W-2’ and 1099s.
All of this information must be received by SSS by February 15th.
How do we apply for financial aid if we are a family in which the parents are divorced or separated?
As a member of the National Association of Independent Schools (NAIS), we uphold its recommendation that both biological parents are obligated to contribute to the education of their child(ren). To that end, we require each parent to file a Parents’ Financial Statement for their own household, provide the requested 1040 tax documents and comply with requirements of the financial aid process. We are aware there could be extenuating circumstances within some families and in these cases, we ask that you send a letter of explanation to the Director of Financial Aid.
If we enroll with financial aid, will we continue to receive aid throughout our years at Foote?
Yes, assuming your family demonstrates financial need each year. Families who receive financial aid are required to complete the application process each year and submit current financial information as they do when they first enter the school. Completing this re-application process each year allows the Financial Aid Committee to verify the continued need for financial aid. As a school, we are committed to supporting each family at their level of demonstrated need.
If we enroll without financial aid, can we apply for it in subsequent years?
If a family enrolls without receiving financial aid, Foote expects that the family will continue to pay the full tuition each year their child(ren) are enrolled.
If however, there is a significant change in a family’s financial circumstances such as a job loss or an additional child entering a tuition-charging school, a family can complete the application process during the next application period. Completing this process however, does not guaranteed there will be funds available to meet the demonstrated need.
Note: Foote will not support parents who choose to make a change in their employment which reduces their income.